Get prior approval first for your loan

A borrower wanted to take a loan from several banks. He was rejected, as he had a previous bad credit record.

This is his history.

He operated a business before. The business failed after a few years. He had to sell his house to settle his debts. He has now found a job. We wanted to buy an apartment now. He even signed the purchase option. Then, he approached the bank for the loan.

The banks had access to his previous credit record, as it is now shared through a credit bureau. Several of the banks rejected his loan.

He approached NTUC Income for help. He needs a loan immediately as the option will expire within the next few days. We find it difficult to help him, but we will try.

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Here is my general advice to other people who wants to buy a property:

* you can approach NTUC Income to get prior approval for a loan
* we will process your application for free
* you can then look for your property
* you can sign the purchase option without worring about the loan (as it is prior approved)
* we are likely to give you a lower interest rate or fairer terms

Be wise. Get proir approval.